The leading cryptocurrency, Bitcoin, continues to decline due to concerns over the escalation of the tariff war between the United States and China. Most cryptocurrencies are following a downward trend, with Ethereum, ranked second by market capitalization, and Ripple, ranked fourth, showing drops of around 8% compared to the previous day.
As of 8 a.m. on the 10th, according to CoinMarketCap, a global cryptocurrency market tracking website, Bitcoin is trading at $80,376, down 6.92% from 24 hours ago. At the same time, Ethereum is trading at $2,018, down 8.50%, while Ripple is recorded at $2.14, down 8.35%.
The simultaneous decline of major cryptocurrencies is due to the results of the first Crypto Summit held at the White House on the 7th (local time), which did not meet market expectations. At the summit, there were no additional announcements beyond anticipated topics such as declaring Bitcoin as a strategic reserve asset, the abolishment of Chalkpoint 2.0, and requests for stablecoin legislation.
Concerns over the escalation of the tariff war between the United States and China have also impacted the downward trend in cryptocurrency prices. China imposed retaliatory tariffs on U.S. agricultural and livestock products in response to the Biden administration's '10+10% tariff increase.'